Talk About Living On A Prayer......
News1 min ago
I bought a property 3 years ago for �40,000. My mortgage on this property is �45,000 and the house has recently been valued at �90,000. My partner also has a property which has been valued at �110,000 (Mortgage - �65,000).
I have recently moved in with my partner but we're basically looking to move up the property ladder and also invest for the future.
Any suggestions?
Rent my house out? Rent both houses and buy property together i.e. take out new mortgage?, sell both houses and use profit as large deposit on new house, keeping mortgage to minimum? sell both houses, keep some of profit made and invest elsewhere, buy larger property together?
Also, if I do sell my house now will I have to pay interest on profit made?
Thanks.
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Yes, we have been discussing the matter further and now feel the best option would be to sell my house and use the money to pay off the majority of my partner's mortgage. That way we'll be able to live comfortably for a while whilst also putting some money aside for a rainy day/deposit for the next house.